Announces Filing of Universal Shelf
Registration Statement and Participation in Upcoming Investor
Conference
Viad Corp (NYSE: VVI), a leading provider of experiential
leisure travel and face-to-face events and marketing experiences,
today announced the acquisition of a controlling interest in a new
attraction, the filing of a “universal shelf” registration
statement for added flexibility, and participation in an upcoming
virtual investor conference.
Golden Skybridge Acquisition
We have expanded Pursuit’s collection of unforgettable and
inspiring attractions and hospitality experiences with the addition
of a new attraction located in the Canadian Rockies. The Golden
Skybridge features the two highest suspension bridges in Canada,
which span almost 500 feet across an expansive canyon, as well as a
canyon-edge nature walk and viewing platforms that offer
breathtaking views of a roaring 200-foot waterfall, serene mountain
river and the surrounding vistas of the iconic Columbia and Rocky
Mountain ranges. The attraction is expected to open in May 2021 and
will be expanded to include a bungee swing and a zipline across the
canyon later this summer.
The Golden Skybridge is located about 90 minutes west of Banff
in the mountain town of Golden, British Columbia, surrounded by six
national parks. Historically known as an outdoor adventurer’s
paradise, Golden is a perfect basecamp to explore pristine mountain
landscapes and is also a popular stop for visitors travelling
between Alberta and British Columbia.
David Barry, president of Pursuit, commented, “We are excited to
add the Golden Skybridge to our lineup of new attractions that will
open this year, which also includes the Sky Lagoon in Iceland and
FlyOver Las Vegas. These investments reflect our ongoing commitment
to our Refresh, Build, Buy strategy that has fueled Pursuit’s
strong growth and margins over the past several years. As the world
continues to emerge from the pandemic, we believe that all of
Pursuit’s experiences in iconic locations are well-positioned to
benefit from pent-up perennial demand.”
We acquired a 60% controlling interest in the Golden Skybridge
attraction for a cash purchase price of $15 million Canadian
(approximately $12 million U.S.), of which $6 million Canadian
(approximately $4.8 million U.S.) will be used to fund remaining
start-up costs and the development of additional activities,
including the zipline and bungee swing. Our liquidity position,
after completing the acquisition, was approximately $227 million as
of March 19, 2021, comprising approximately $37.5 million in
unrestricted cash, approximately $144.2 million of available
capacity on our revolving credit facility, and an additional $45
million available to us through a delayed draw commitment from
Crestview Partners.
Universal Shelf Registration Statement Filing
On Friday, March 19, 2021, we filed a “universal shelf”
registration statement on Form S-3 (the “Registration Statement”)
with the Securities and Exchange Commission (“SEC”), relating
solely to the sale, from time-to-time, of common stock, preferred
stock, debt securities, warrants, purchase contracts, and units
(collectively, the “Securities”).
Steve Moster, Viad’s president and chief executive officer,
commented, “Throughout the pandemic, we have taken various actions
to solidify Viad’s financial position to ensure our business
withstands the effects of the pandemic while also funding select
growth investments at Pursuit. Like the Golden Skybridge
acquisition, we expect other high-return growth opportunities will
become available for Pursuit and may only be available for a short
window. With a universal shelf registration statement in place, we
have additional flexibility to access the capital markets should
the right opportunities arise.”
The Registration Statement was automatically effective upon
filing and allows us to sell an unlimited amount of Securities from
time to time and in one or more offerings. The terms of any such
offering, including the specific terms and prices of the
Securities, will be determined at the time of such offering and be
made solely by means of the base prospectus included in the
Registration Statement and an accompanying prospectus supplement
relating to such offering. A copy of the prospectus included in the
Registration Statement may be obtained on the SEC's website at
www.sec.gov. There is no certainty any Securities will be offered
or sold.
Moster concluded, “As we continue to navigate the uncertainties
of the COVID-19 pandemic, we remain committed to carefully managing
our cash flows and being strong stewards of our capital to maximize
shareholder value.”
This press release shall not constitute an offer to sell, or the
solicitation of an offer to buy, nor shall there be any sales of
the Securities in any jurisdiction in which such offer,
solicitation or sales would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction.
Participation in Upcoming Investor Conference
Viad’s President and Chief Executive Officer Steve Moster will
deliver a presentation at the Sidoti Spring 2021 Virtual Conference
on Wednesday, March 24th, 2021 at 3:15 p.m. Eastern Time. He and
Chief Financial Officer Ellen Ingersoll will also be available for
meetings with investors registered for the conference.
To access the live presentation or to view the presentation
materials, please visit our website at www.viad.com. The updated
investor presentation material will be posted to our website by 8
a.m. Eastern Time on Wednesday, March 24th.
About Viad
Viad (NYSE: VVI) is a leading provider of experiential leisure
travel and face-to-face events and marketing experiences that
generates revenue and shareholder value through two businesses:
Pursuit and GES. Pursuit is a collection of inspiring and
unforgettable travel experiences in Alaska, Montana, the Canadian
Rockies, Vancouver, and Reykjavik, as well as new experiences in
development in Las Vegas and Toronto. Pursuit’s collection includes
attractions, lodges and hotels, and sightseeing tours that connect
guests with iconic places. GES is a global, full-service live
events company offering a comprehensive range of services to the
world's leading brands and event organizers. Our business strategy
focuses on providing superior experiential services to our
customers and sustainable returns on invested capital to our
shareholders. Viad is an S&P SmallCap 600 company. For more
information, visit www.viad.com.
Forward-Looking Statements
This press release contains a number of forward-looking
statements. Words, and variations of words, such as “will,” “may,”
“expect,” “would,” “could,” “might,” “intend,” “plan,” “believe,”
“estimate,” “anticipate,” “deliver,” “seek,” “aim,” “potential,”
“target,” “outlook,” and similar expressions are intended to
identify our forward-looking statements. Similarly, statements that
describe our business strategy, outlook, objectives, plans,
intentions or goals also are forward-looking statements. These
forward-looking statements are not historical facts and are subject
to a host of risks and uncertainties, many of which are beyond our
control, which could cause actual results to differ materially from
those in the forward-looking statements.
Important factors that could cause actual results to differ
materially from those described in our forward-looking statements
include, but are not limited to, the following:
- the impact of the COVID-19 pandemic on our financial condition,
liquidity, and cash flow;
- our ability to anticipate and adjust for the impact of the
COVID-19 pandemic on our businesses;
- general economic uncertainty in key global markets and a
worsening of global economic conditions;
- travel industry disruptions;
- our ability to successfully integrate and achieve established
financial and strategic goals from acquisitions;
- our dependence on large exhibition event clients;
- the importance of key members of our account teams to our
business relationships;
- the competitive nature of the industries in which we
operate;
- unanticipated delays and cost overruns of our capital projects,
and our ability to achieve established financial and strategic
goals for such projects;
- seasonality of our businesses;
- transportation disruptions and increases in transportation
costs;
- natural disasters, weather conditions, and other catastrophic
events;
- our multi-employer pension plan funding obligations;
- our exposure to labor cost increases and work stoppages related
to unionized employees;
- liabilities relating to prior and discontinued operations;
- adverse effects of show rotation on our periodic results and
operating margins;
- our exposure to currency exchange rate fluctuations;
- our exposure to cybersecurity attacks and threats;
- compliance with laws governing the storage, collection,
handling, and transfer of personal data and our exposure to legal
claims and fines for data breaches or improper handling of such
data; and
- changes affecting the London Inter-bank Offered Rate (“LIBOR”)
and the Canadian Dollar Offered Rate (“CDOR”).
For a more complete discussion of the risks and uncertainties
that may affect our business or financial results, please see Item
1A, “Risk Factors,” of our most recent annual report on Form 10-K
filed with the SEC. We disclaim and do not undertake any obligation
to update or revise any forward-looking statement in this press
release except as required by applicable law or regulation.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210322005254/en/
Carrie Long Investor Relations (602) 207-2681 ir@viad.com
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